Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed
Petroleum products subsidy payments to continue until mid-2023, says Finance Minister
Federal Government has stated that the petrol subsidy payment regime will be in effect until the middle of 2023 in advance of the 2023 budget presentation.
Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed this, Monday, said the Federal Government is only planning to spend N3.36 trillion on petroleum products subsidy in 2023.
Mrs Ahmed disclosed this while discussing the specifics of the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper with the House of Representatives Committee on Finance in Abuja.
According to the minister, the Federal Government is proposing total spending of N19.76 trillion for the fiscal year 2023, with a projected deficit of N11.30 trillion, the minister continued.
Zainab added that government is also projecting a total revenue of N8.46 trillion, out of which N1.9 trillion is expected to come from oil-related sources while the remaining is to come from non-oil sources.
Meanwhile, the Federal Government is expected to peg crude oil price at $70 per barrel at an exchange rate of N435.57 per dollar, while real Gross Domestic Product (GDP) is projected at 3.7 percent and inflation at 17 to 16 percent.
